The EUR/USD remains heavy after trading at fresh 2014 lows to start the new week with bearish focus confirmed on the 2012 low at $1.2042. The Bollinger band base remains the key concern for bears and may limit downside follow through. Initial resistance is now noted in the $1.2273-1.2302 region with bulls now needing a close above $1.2302 to ease bearish pressure whereas above $1.2435 remains needed to shift focus back to the key $1.2599 leve
RES 4: $1.2386 Hourly support Dec 17 now resistance
RES 3: $1.2354 High Dec 18
RES 2: $1.2302 Hourly resistance Dec 19
RES 1: $1.2273 High Dec 22
LPRICE: $1.2227
SUP 1: $1.2216 Low Dec 22
SUP 2: $1.2198 Bollinger band base
SUP 3: $1.2177 Trend line projection
SUP 4: $1.2133 Low Aug 2 2012
Recent failures around the 21-DMA resulted in a break below the $1.5601 alternating support/resistance level with bears firmly focused on a retest of the 2014 low. The Bollinger band base remains the key concern for bears and is likely to limit follow through on a break lower. Bulls continue to look for a close above the 21-DMA to confirm an easing of bearish pressure and to shift focus back to the key $1.5789-
1.5825 region. Fresh 2014 lows confirm overall focus on the $1.5425-62 region.
RES 4: $1.5789 High Dec 16
RES 3: $1.5738 Hourly resistance Dec 17
RES 2: $1.5678 21-DMA
RES 1: $1.5601 Alternating hourly support/resistance
LPRICE: $1.5586
SUP 1: $1.5553 Bollinger band base
SUP 2: $1.5541 2014 Low Dec 8
SUP 3: $1.5462 Low Aug 30 2013
SUP 4: $1.5425 Low Aug 28 2013
Immediate focus has shifted to the ¥121.00-84 region where the Bollinger band top and 2014 high are located with overall focus having returned to the ¥124.16 2007 high. Layers of support continue to accumulate with bears now needing a close below ¥119.31 to ease bullish pressure and below ¥118.26 to shift focus back to the ¥115.71-116.34 region where the latest leg up began. Daily studies continue to head
higher and provide bulls with additional comfort.
RES 4: ¥124.16 2007 June 2007
RES 3: ¥121.84 2014 High Dec 8
RES 2: ¥121.29 Bollinger band top
RES 1: ¥121.00 High Dec 9
LPRICE: ¥120.12
SUP 1: ¥119.71 Hourly support Dec 22
SUP 2: ¥119.31 Low Dec 22
SUP 3: ¥118.83 Low Dec 19
SUP 4: ¥118.26 Low Dec 18
The rising daily trend line from late Oct continues to support and provide higher daily lows with pressure firmly on the ¥147.15-28 region where the 21-DMA is located. Bulls continue to look for a close above the 21-DMA to shift focus back to the ¥148.37-149.80 region. Initial support is now noted at ¥146.57 with but bears now look for a close below ¥145.94 to confirm a break of the rising daily trend line and shift immediate focus back to the ¥144.77-95 region
RES 4: ¥148.95 High Dec 9
RES 3: ¥148.37 Hourly resistance Dec 9
RES 2: ¥147.27 21-DMA
RES 1: ¥147.15 Hourly support Dec 15 now resistance
LPRICE: ¥146.86
SUP 1: ¥146.57 Hourly support Dec 22
SUP 2: ¥145.94 Low Dec 22
SUP 3: ¥145.58 Low Dec 18
SUP 4: ¥144.77 Low Nov 18
The correction lower from last week’s high has seen immediate focus shift to the £0.7798-0.7809 region and overall focus back to the key £0.7764-66 region where 2012 and 2014 lows are located. Bulls now need a close above £0.7885 to confirm an easing of bearish pressure and above £0.7923 to shift overall focus back to the £0.8001-67 region where layers of resistance are located. The Bollinger band base
(£0.7821) remains the key concern for bears.
RES 4: £0.7954 High Dec 17
RES 3: £0.7923 High Dec 18
RES 2: £0.7885 Hourly resistance Dec 18
RES 1: £0.7859 Hourly resistance Dec 18
LPRICE: £0.7843
SUP 1: £0.7808 Falling daily channel base
SUP 2: £0.7798 Low Nov 6
SUP 3: £0.7766 2014 Low Sept 30
SUP 4: £0.7764 2012 Low July 23 2012